Regulatory Alerts2018-04-09 | 814115154Added · Updated
Microfinance Banking Circular No. 1 of 2018 - CBK Guidance Note on Implementation of IFRS 9
The Central Bank of Kenya has issued a circular to all microfinance bank executives, providing guidance on implementing the new International Financial Reporting Standard (IFRS) 9 for financial instruments. The Guidance Note, issued under the Microfinance Act, 2006, aims to ensure stable and efficient practices within the sector. It outlines a 5-year transition period for adjusting regulatory capital calculations, with specific instructions for provisions and disclosures.
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